Overview Key strengths Key risks Second largest global distribution systems (GDS) provider after Amadeus IT Group S.A. Depends on highly competitive and fundamentally volatile airline and travel industries. High barriers to entry in its travel solutions segment due to medium- to long-term contracts and high switching costs. Exposure to disintermediation risks and flattening business travel volume growth. Highly leveraged capital structure. We forecast the company?s revenue growth in 2024 will moderate in the mid-single digit percent area as booking levels normalize, offset by a strong pipeline of recent commercial wins and market share gains. We believe rate increases, rather than volume growth, will drive corporate travel spend growth in 2024 on an absolute dollar basis. As such, we believe Sabre?s
